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{"id":33216,"date":"2023-05-24T22:01:29","date_gmt":"2023-05-24T22:01:29","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/05\/24\/ten-months-after-promotion-red-hat-ceo-matt-hicks-navigates-layoffs-and-ais-rise\/"},"modified":"2023-05-24T22:01:29","modified_gmt":"2023-05-24T22:01:29","slug":"ten-months-after-promotion-red-hat-ceo-matt-hicks-navigates-layoffs-and-ais-rise","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/05\/24\/ten-months-after-promotion-red-hat-ceo-matt-hicks-navigates-layoffs-and-ais-rise\/","title":{"rendered":"Ten months after promotion, Red Hat CEO Matt Hicks navigates layoffs and AI\u2019s rise"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/24\/red-hat-ceo-layoffs-ai\/<\/a><\/br>
\nTen months after promotion, Red Hat CEO Matt Hicks navigates layoffs and AI\u2019s rise<\/br>
\n2023-05-24 22:01:29<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

When Matt Hicks<\/span> got promoted to CEO at Red Hat<\/a> last summer, he not only faced the typical challenges of any new chief executive taking over from a veteran like predecessor Paul Cormier, but he was also confronted by twin tests: the macroeconomic environment and the increasing emphasis on AI.<\/p>\n

Perhaps he\u2019s more comfortable with the technology side, having spent 16 years at the company before moving to the corner office. But as the head honcho, he\u2019s been dealing with the broader economy, too, and the impact it has had on everyone. His company has not been exempt.<\/p>\n

He has also been working with IBM, the company that bought Red Hat<\/a> in 2018 for $34 billion. While the relationship and rules of engagement for the most part were established by Cormier, Hicks has still had to navigate that relationship, making sure his company maintains its independence, while drawing on the parent company\u2019s sales clout to help drive revenue.<\/p>\n

In IBM\u2019s most recent earning\u2019s report<\/a>, Red Hat revenue was up 8% over the prior year, 11% in constant currency, which takes into account foreign currency fluctuations. All in all, not bad for a software company right now, but it is down from its double-digit 10% growth the previous quarter.<\/p>\n

Hicks has had to deal with a lot of competing requirements since he\u2019s taken over, and that includes laying off 700 people<\/a>, or about 4% of the company\u2019s 19,000 strong workforce, in April.<\/p>\n

It hasn\u2019t been an easy first year by any means. We spoke to Hicks ahead of this week\u2019s Red Hat Summit<\/a> about how he\u2019s dealt with the shifting landscape, the tough decisions and how he has guided his company through a period of uncertainty.<\/p>\n

Uneasy is the head<\/h2>\n

Dealing with the macroeconomic environment is no easy feat, and he has tried several different management strategies, including the aforementioned layoffs.<\/p>\n

CRN reported<\/a> that the layoffs hit hardest in customer success and project management, sparing sales and engineering for the most part. The Register reported<\/a> that some employees expressed anger and frustration about the layoffs in internal channels, especially in light of positive revenue reports.<\/p>\n

\u201cI know it is hard to reconcile that we are a successful, growing company and still need to take these hard actions,\u201d Hicks wrote in a memo to employees about the layoffs.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/05\/24\/red-hat-ceo-layoffs-ai\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/24\/red-hat-ceo-layoffs-ai\/ Ten months after promotion, Red Hat CEO Matt Hicks navigates layoffs and AI\u2019s rise 2023-05-24 22:01:29 When Matt Hicks got promoted to CEO at Red Hat last summer, he not only faced the typical challenges of any new chief executive taking over from a veteran like predecessor Paul Cormier, but he was also confronted […]<\/p>\n","protected":false},"author":1,"featured_media":33217,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-33216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nTen months after promotion, Red Hat CEO Matt Hicks navigates layoffs and AI\u2019s rise - 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